(20/1975). It does, however, take care of certain transitional
matters (e.g. transfer of lands etc from the Agricultural Bank to

GAIDC) which the original Act failed to do. Also, in the Schedule

to the new Act, one additional member, the Manager of the Corporation,

is listed among the Directors.

As far as could be ascertained, no new list of Directors has been

Gazetted under provisions of Act 11/1976 and the Directors Gazetted

on 23rd April 1976 under Act 11/1975 have continued to function with

the exception of Mr R Stewart who, NEWSLETTER is advised, has been

replaced by Mr John Japal.

A reliable source advised NEWSLETTER, however, that GAIDC has bean

unable to make any loans because the Caribbean Development Bank (CDB),

GAIDC's main source of funding, does not approve provisions of Act

11/1976. certain amendments have been proposed which, if approved
by CDB, should be incorporated into the Act at the meeting of
Parliament scheduled for April 6th.

In connection with the Chamber of Commerce's request for representation

on the Board of Directors, a spokesman for the Chamber advised
NEWSLETTER today (1st) that no reply has been received to the Chamber'f

letter of 17th March.
(923 words)

"PFINY BANK" EpANDS

The Grenada Cooperative Bank (popularly known as the "penny bank") is

to establish its first branch before the end of the year.

This was disclosed by ir Gordon "teele, Manager of the Bank, in an

exclusive interview with NEWSLETTER today (31st), and Mr Steele said

the branch would be located in Grenada's second largest town,

Grenville, and in the building now occupied by a branch of The Royal

Bank of Canada.

This building was purchased by the Cooperative Bank some 15 months ag&

for the sum of EC060,000.00 and, in the mean time, The Royal Bank Is

constructing its own premises for its Grenville branch. This

con tr.t.ction is not proceeding as rapidly as was anticipated and,

Alister Hughes
THE GRENADA NEWSLETTER Week Ending 2,4.77
page 4

because of this, Iar Steele could not say when the Royal panki woulr
vacate the premises and enable the Cooperative Bank to establish
its branch. He did feel, however, that this wouldbe before
the end of 1977, and he said the branch would provide employment

for at least six persons.

The Grenada Cooperative Bank was established in 1932 and is the
only locally owned bank. It has an Authorised Share Capital

of 300 preference Shares of EC4300 each, 8,500 Ordinary Shares
of EC$100 each and 120,000 Ordinary Shares of EC$0 each, making
a total Authorised Share Capital of 32$1 million. Of this
Capital, all the Preference Shares and all of the EC$1 Ordinary
Shares have been issued together with 2,217 of the EOlOO0

Ordinary Shares.

Services offered by the Bank include ordinary and special savings
accounts, chequeing accounts, fixed deposits, loans and mortgages.
The Bank does not deal in foreign exchange.

Mr Steele said the Directors of his Bank feel that establishment

of a branch in Grenville is the first step towards eventual State-
wide on-the-spot representation. "Essentially, what we have

is a people's bank owned by Grenadiana", he said, "and our expansion
to Grenville will provide that service which we feel should be
given to the people of that area. It is my Directors' hope
and aim to expand this service throughout Grenada, Carriacou and
Petit Martinique."
(344 words)
fifkt^tifFifwfrlt#fftft#ir*ftrt*#
E CA STATEMENT PUBLISHED

According to a Statement of Assets and Liabilities published in
the Grenada Government Gazette of March 18th, at 31st December

1976 the East Caribbean Currency Authority (BCCA) had
EC$60,789,744.00 circulating in notes. At the same time,
circulation in coin was EC06,183,017.00 .

The Statement, which was drawn up to 31st December 1976, shows

that the Authority's total demand liabilities (including notes
nnd coins in circulation) totaled EC$87,100,579.00 Other

EC$1,657,725.00 and "Bankers' Balances" EC$3,201,428.00 The total
of External assets was EC$173,889.345.00 .

Internal assets are represented by "Participating Governments

Securities Including Treasury Bills" EG024,447,612.00 and "Other

Assets" EC$2,675,096.00 .

According to a footnote on this ECCA Statement, External Assets held
under Article 17 (2) of the ECC Agreement as a percentage of Demand

Liabilities is 83.19
(173 words)

STRIKE AT TELEPHONE COMPANY

On :Ionday 28th March, workers at the Grenada Telephone Company staged

a three-hour strike to protest certain hirings and dismissals by the

Company.

It is reported that the problem dates back some two months when there

was a vacancy on the staff of telephone operators and, in accordance
with terms of the Industrial Agreement between the Company and the

Grenada Technical & Allied Workers Union (TAWU), the names of two

persons were submitted by the Union to the Company for selection.

Neither of these names were selected and the Union accepted the

Company's decision that there was a third person highly suitable for

the post. This third person was employed from February 1st but

was dismissed at the end of the month, allegedly without any reason

being given.

As the bargaining body for all employees of the Company, TAWU
requested to be told the reason for this dismissal, but a spokesman
for the Union told NEWSLETTER this has not been given.
/nA4-4n^^^l

Allster Hughes
THE GRSEADA NEWSLETTER Week Ending 2.4.77
Page 6

On ibonday of this week (28th), the Company took on a new employee
to fill the vacancy on the staff of telephone operators and,
against the background of the Company's failure to give the
Union any reason for .dismissal of the previous holder of the post,
the entire staff withdrew its labour in protest.

It is understood that Union officials held discussions with
Management of the Company and, on the Company's agreement to
withdraw the new employee, the staff returned to work.

Neither Mr Ivor O'Brien, Manager of the Telephone Company nor
,r Curtis Stewart, President of TAWU, have been available for
comment.
(263 words)

GSA: "POOR ORGANISATION ON DOCKS"

In a document submitted by the Grenada Shipping Agents (GSA) to
the Seamen & Waterfront Workers Union (SWWU) in current negotiations
for a cost-of-living allowance demand by the Union, GSA has
charged that there is "extremely poor orgenisation on the docks
as far as the interests of the Grenada Shipping Agents are concerned"

Figures submitted by GSA show the following tonnages moved
through the port of St.Georges over the past six years :-